SIP Claims the Largest Rural Stock Cooperative in Suzhou
Xietang Stock Cooperative was officially inaugurated few days ago at Loufeng Township, SIP, as the largest community cooperative in Suzhou both in terms of assets and membership.
In the rapid development of SIP, the former 33 villages in the Xietang area of Loufeng Township have been resettled into 7 neighborhood communities, and the township government converted the 368 million yuan RMB, the rural collective assets including land compensation and resettlement subsidies, into standard workshops, which were calculated into shares and distributed among all the members of the former administrative villages, thus forming a stock cooperative.
The cooperative now has a total asset of 368 million RMB covering the 7 resettled communities of the former 33 administrative villages, and 3,600 members in 1,300 households benefit from the cooperative. The superior quality of the cooperative assets lies in that the net assets comprise 96% of the total, chiefly made up with standard workshops and properties with high economic returns.
Nov. 27, 2006